Cuentas Inc. Announced Record Digital E-commerce Sales in Q2 Earnings Report

Rhea-AI Summary

Cuentas, Inc. (NASDAQ:CUEN, CUENW) reported a remarkable 280% year-over-year increase in e-commerce revenue for the first half of FY2022 compared to the same period in FY2021. The company attributed this growth to a combination of factors, including the acquisition of 19.9% of Cuentas SDI LLC, which aims to diversify its prepaid offerings. CEO Arik Maimon expressed optimism for continued revenue growth and cost-cutting measures to reduce operating expenses. Cuentas is focused on enhancing services for underbanked populations.

Positive

• 280% increase in e-commerce revenue year-over-year for the first half of FY2022.
• Acquisition of 19.9% of Cuentas SDI LLC to diversify prepaid offerings.
• Expectations for ongoing revenue growth and cost-cutting measures to improve profitability.

Negative

• Forward-looking statements indicate potential risks and uncertainties affecting future results.

First Six Months Year Over Year E-commerce Revenue Increased 280%

MIAMI BEACH, FL / ACCESSWIRE / August 17, 2022 / Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) ("Cuentas"), a leading fintech provider of mobile financial app and payment solutions, today announced its Q2 earnings report filed Aug 15, 2022. The report marks the largest growth in e-commerce digital revenue for Q1 & Q2 combined, compared to the same 6 month period in FY2021. This follows its purchase of 19.9% of Cuentas SDI LLC, owner of SDI Black011 assets, to diversify prepaid offerings to Cuentas users.

"Thanks to the tireless work of our team and, of course, the growing demand for our product, I'm proud to share that Cuentas has had significant revenue growth," says Arik Maimon, founder and Executive Chairman at Cuentas. "With more key partnerships on the way, we do expect revenues to continue on this upward trend while cost-cutting efforts will help decrease the operating expenses. We are more than optimistic about the future."

Forward-Looking Statements

This news release contains "forward-looking statements", as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements including that we will meet the standard for listing on NASDAQ or successful in our launch of the Cuentas GPR card and mobile app. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "believe", "plan" or "expect" or similar statements are forward-looking statements.

About Cuentas

Cuentas, Inc. (Nasdaq:CUEN & CUENW) is a fintech e-finance and e-commerce service provider with proprietary technology that delivers digital financial services to the underbanked and unbanked Hispanic, Latino and immigrant populations including mobile and financial services, prepaid debit card, ACH and mobile deposits, cash remittance, peer to peer money transferring, and other services. The Cuentas General Purpose Reloadable (GPR) Card includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit https://cuentas.com.

Media Contact

Matthew Aversa
UPRISE Media
646-924-5733
matthew@uprisemgmt.com

SOURCE: Cuentas, Inc.

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https://www.accesswire.com/712463/Cuentas-Inc-Announced-Record-Digital-E-commerce-Sales-in-Q2-Earnings-Report

FAQ

What were the Q2 earnings results for Cuentas, Inc. (CUEN) in 2022?

Cuentas reported a 280% year-over-year increase in e-commerce revenue for the first half of FY2022.

What significant acquisition did Cuentas, Inc. (CUEN) announce?

Cuentas announced the acquisition of 19.9% of Cuentas SDI LLC to diversify its prepaid offerings.

What is the outlook for Cuentas, Inc. (CUEN) revenue growth?

Cuentas anticipates continued revenue growth due to strong demand and new partnerships.

Are there any risks mentioned in Cuentas, Inc. (CUEN) press release?

Yes, the press release includes forward-looking statements subject to risks and uncertainties.